The Democrats are planning to focus more on strengthening the financial services for the underprivileged sectors when they assume charge of the US House of Representatives in January next year. This is based on the briefing to several people in this regard.
Maxine Waters is the representative who is all set to take the prime position in Financial Services Committee following the majority drove victory of Democrats in the House in the elections on Nov 6. Maxine is contemplating to create a subcommittee to focus on inclusion and diversity in the financial sector. Additionally, she is also planning a task force to concentrate on innovation in financial technology.
Waters has said that she would prioritize this issue. The associates and officials are still in discussions over these initiatives but it goes on to show the agenda of the democrat for the start of her tenure next year.
Waters is a ranking member and is also in active conversations with other Democrats of the committee regarding the future structure of the committee and also welcoming their suggestions. Water’s spokesman also mentioned in a statement that the process is not concluded yet.
The fear of the financial services lobbyists lies in the regulatory oversight of the sector that they are scared can stall efforts to relax the tougher regulations imposed after the financial crisis in 2008.
Waters also stated that she would impose stricter scrutiny on the biggest banks of the nation and insist on tougher regulations if she gets to assume the position as the in charge of the panel.
This could be awesome news for credit unions, fintech organizations and public banks as inclusion can pave way for opportunities for small-scale financial institutions for the neglected communities.
Waters hasn’t been appointed as the chairman of the committee yet but is likely to be so based on the voice of the Democrats in the upcoming weeks.